Monday, May 28, 2012

A myth multiplied: "5 Signs That China Is Colonizing America" said to include Atlantic Yards

If you search on Google for "45 Signs That China Is Colonizing America," you'll get a bunch of results, which include the same, misleading Atlantic Yards sign:
#8 Chinese investors have been gobbling up real estate all over New York City. The following is from a  recent Forbes article….
According to a recent report in the New York Times, investors from China are “snapping up luxury apartments” and are planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies also have signed major leases at the Empire State Building and at 1 World Trade Center, the report said.
Except that not-by-Forbes-linked 8/11/11 Times article got it wrong. Providing a low-interest loan for infrastructure and loan replacement doesn't give them much purchase on Atlantic Yards. The immigrant investors seeking green cards would only control actual real estate if Forest City Ratner doesn't pay them back in seven years.

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